CenterPoint expands Houston footprint

Monday, July 01, 2013

CenterPoint Properties has closed the deal on a one-million-square-foot, six-building acquisition in Houston for $42.6 million.
The seller, TA Associates, was represented by Trent Agnew and Rusty Tamlyn of HFF.
“This transaction proves our commitment to a thriving industrial market that serves our mission of investment in port, rail and intermodal-related facilities,” said CenterPoint chief investment officer, James Clewlow, in a statement. “From the agreement of terms to the closing, the transaction was completed in less than 30 business days.”
Each facility is fully occupied by Exel Logistics. The properties are rail-served and located less than 25 miles to the Port of Houston.
“This was an opportunity for CenterPoint to acquire intermodal proximate, rail-served buildings, directly adjacent to substantial rail infrastructure,” said Chad Vande Zande, CenterPoint’s senior vice president of investments. “The campus is ideally suited to support the growing plastic resin industry.”
The assets are situated on 42.85 acres, located just off interstates 10 and 610. “The facilities are located in a primary transportation zone due to their proximity to the Union Pacific intermodals and the Port of Houston,” CenterPoint said.